Tow Truck Global Market Report 2024 - By Size, Share, Demand, Report, Forecast To 2033

"The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the Tow Truck Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
The tow truck market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.62 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to increased road traffic accidents, vehicle ownership growth, urbanization, increased commercial fleets, weather-related incidents..

The tow truck market size is expected to see steady growth in the next few years. It will grow to $1.94 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to electric vehicle market growth, autonomous vehicle development, rise of on-demand services, environmental and fuel efficiency concerns, government initiatives for road safety.. Major trends in the forecast period include electric and hybrid tow trucks, automation and autonomous towing vehicles, digital dispatch and mobile apps, telematics for preventive maintenance, strategic partnerships with insurance companies..

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Key Market Players:
Chevron Commercial Inc., Ford Motor Company, Daimler Truck AG, AB Volvo, Isuzu Motors Ltd., Allianz Partners SAS, Miller Industries Inc., Agero Inc., Tatra Trucks AS, Ledwell & Son Enterprises, B&B Industries Inc., Allstate Insurance Co, Nation Safe Drivers, Jerr-Dan Corporation, HONK Technologies Inc., Coach Net Corporation, Stella's Towing Inc., Boniface Engineering Ltd., NRC Industries Ltd., Detroit Wrecker Sales, AutoVantage, Dual-Tech Inc., Carlinville Truck Equipment Inc., Golden West Towing Equipment, Blackburn Truck Equipment Inc., A & A Truck and Auto Center Inc. are prominent players in the industry.

Market Drivers:
A rising number of car breakdowns is expected to propel the growth of the tow truck market going forward. A car breakdown refers to a situation in which a vehicle experiences a mechanical or functional failure that renders it unable to operate safely and reliably. A tow truck is used to lift or move cars that have broken down on the side of the road using a winch or crane. For instance, in August 2022, according to National Highways, a UK-based agency operating, maintaining, and improving motorways, there was a notable increase in roadside breakdown incidents attributed to tire-related issues, marking a 15.7% rise from 35,892 cases in 2020 to 41,560 cases in 2021. Further, throughout 2021, an average of 5,000 breakdown incidents occurred each week in England. Therefore, the rising number of car breakdowns is driving the growth of the tow truck market.

Market Segments Include:
1) By Type: Light-Duty Tow Truck, Medium-Duty Tow Trucks, Heavy-Duty Tow Trucks
2) By Usage: Personal Use, Commercial Use, Government Agencies
3) By Sales Channel: Direct Channel, Distribution Channel
4) By Application: Machine Building Industry, Metallurgical Industry, Furniture Industry, Appliance Industry, Other Applications

For more Information:
https://www.thebusinessresearchcompany.com/report/tow-truck-global-market-report

The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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